Tax Help for Wholesaling
Hi, I've completed my first 3 deals in 2015 as a wholesaler. I'm excited, but I'm trying to be cautious as well. I have not formed an LLC quite yet, but it's happening later this week. So 2 questions :
1) To tax my assignment fee properly what should I do? As of right now I am signing on to IRS.gov and making estimated payments of 18% for each deal I've done.
2) As far as my direct marketing, business lunches, supplies, gas and whatnot I am keeping receipts for everything. I incurred a lot of costs in 2014 but didn't start making money until this year. Can I carry all of this forward as start up costs for next year's taxes? And will it be separated from the LLC that I am forming when tax filing season comes along?
Any help would be greatly appreciated.